# shinobu foods products co., ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/04/01－2026/03/31) (S100YE21)
> Page: https://vizora.meequs.com/en/company/shinobu-foods-products
> Retrieved: 2026-09-30T22:03:45.995Z

## Company

shinobu foods products, founded in 1971, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 571 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINOBU FOODS PRODUCTS CO., LTD. |
| Ticker | 2903 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2903.T) |
| Listing | TSE Standard |
| Head office | 大阪市西淀川区竹島2丁目3番18号 |
| Representative (per filing) | 代表取締役社長 松本崇志 |
| Founded | May 1971 |
| Share capital | ¥4.69B |
| Employees (consolidated) | 571 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.shinobufoods.co.jp (https://www.shinobufoods.co.jp/) |
| Corporate number | 2120001049881 |
| EDINET | E00473 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100YE21, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 15 |
| Profitability | 71.9 | 16 |
| Cash conversion | 60.7 | 14 |
| Efficiency | 71.9 | 16 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- shinobu foods products brought in ¥62B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +0.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥61974000000 → ¥1700000000
- Net income → operating cash flow: ¥1700000000 → ¥3371000000（difference ¥1671000000）
- Main uses of operating cash flow: CapEx ¥1800000000 / dividends ¥340000000 / buybacks ¥1583000000
- Change in cash: ¥-1890000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥62B |  |
| Operating income | ¥2.33B | Margin 3.8% |
| Net income | ¥1.7B | Margin 2.7% |
| Free cash flow | ¥1.57B |  |
| Employees (consolidated) | 571 |  |
| EPS | ¥149.58 |  |
| Diluted EPS | ¥148.63 |  |
| Book value per share | ¥1329.47 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 12,500,000 |  |
| Treasury shares | 1,556,500 |  |
| Shareholders | 5,712 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 15.5% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | +0.6 pp | Takeout & Delivery Meals |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45480000000 | ¥61974000000 | +36.3% |
| Operating income | ¥1097000000 | ¥2334000000 | +112.8% |
| Operating margin | 2.4% | 3.8% | +1.4 pp |
| Employees | 509 people | 571 people | +12.2% |
| Cash and equivalents | ¥4681000000 | ¥4388000000 | -6.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,974 | 100.0% | S100YE21 |
| Cost of revenue | 52,973 | 85.5% | S100YE21 |
| Gross profit | 9,001 | 14.5% | S100YE21 |
| SG&A | 6,666 | 10.8% | S100YE21 |
| Operating income | 2,334 | 3.8% | S100YE21 |
| Ordinary income | 2,336 | 3.8% | S100YE21 |
| Pretax income | 2,306 | 3.7% | S100YE21 |
| Income tax | 605 | 1.0% | S100YE21 |
| Net income | 1,700 | 2.7% | S100YE21 |
| Net income attributable to owners | 1,698 | 2.7% | S100YE21 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.5% → Operating margin 3.8% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.01×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,651 | 61,974 | 4,323 | +7.5% |
| Gross profit | 8,545 | 9,001 | 456 | +5.3% |
| Operating income | 2,332 | 2,334 | 2 | +0.1% |
| Net income attributable to owners | 996 | 1,698 | 702 | +70.5% |
| Operating cash flow | 3,210 | 3,371 | 161 | +5.0% |
| Free cash flow | 1,547 | 1,571 | 24 | +1.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,488 | 1,258 | 2.4% | 1,093 | 1,666 | -2,786 | S100LVQ7 |
| FY ending Mar 2021 | 45,480 | 1,097 | 2.4% | 791 | 3,166 | 1,879 | S100OOCO |
| FY ending Mar 2022 | 48,653 | 1,526 | 3.1% | 1,081 | 2,591 | 1,658 | S100RATY |
| FY ending Mar 2023 | 51,047 | 1,876 | 3.7% | 103 | 2,970 | 1,961 | S100TYD4 |
| FY ending Mar 2024 | 54,825 | 2,369 | 4.3% | 1,167 | 3,670 | 1,963 | S100W9LZ |
| FY ending Mar 2025 | 57,651 | 2,332 | 4.0% | 996 | 3,210 | 1,547 | S100YE21 |
| FY ending Mar 2026 | 61,974 | 2,334 | 3.8% | 1,698 | 3,371 | 1,571 | S100YE21 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.5M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 521 | 528 | 543 | 555 | 571 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.6M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 40.1 years | 40.2 years | 40.3 years | 40.2 years | 40.0 years |
| Average tenure (parent company) | 9.3 years | 9.3 years | 9.3 years | 9.4 years | 9.5 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +7.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,371 | 5.4% | S100YE21 |
| Capital expenditure | 1,800 | 2.9% | S100YE21 |
| Free cash flow | 1,571 | 2.5% | 算出 |
| Investing cash flow | -1,802 | -2.9% | S100YE21 |
| Financing cash flow | -3,459 | -5.6% | S100YE21 |
| Dividends paid | 340 | 0.5% | S100YE21 |
| Share buyback | 1,583 | 2.6% | S100YE21 |
| Change in cash | -1,890 | -3.0% | S100YE21 |
| Cash and equivalents | 4,388 | 7.1% | S100YE21 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,482 | 6,633 | 6,981 | 6,279 | 4,388 | S100TYD4, S100W9LZ, S100YE21 |
| Total assets | 30,941 | 30,381 | 30,435 | 29,684 | 28,399 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Net assets | 14,190 | 14,031 | 14,959 | 15,136 | 15,173 | S100TYD4, S100W9LZ, S100YE21 |
| Share capital | 4,693 | 4,693 | 4,693 | 4,693 | 4,693 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Property, plant and equipment | 18,841 | 16,985 | 16,214 | 15,407 | 15,639 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Intangible assets excluding goodwill | 103 | 131 | 146 | 156 | 130 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Current assets | 11,450 | 12,660 | 13,331 | 13,198 | 11,593 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Current liabilities | 9,422 | 9,544 | 9,977 | 10,563 | 10,711 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Long-term borrowings | 7,203 | 6,650 | 5,398 | 3,866 | 2,409 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Total liabilities | 16,751 | 16,350 | 15,475 | 14,547 | 13,225 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Non-controlling interests | 4 | 4 | 5 | 6 | 6 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Equity attributable to owners of parent | 14,067 | 13,931 | 14,769 | 14,964 | 14,818 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Retained earnings | 7,034 | 6,871 | 7,773 | 8,439 | 9,797 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |
| Treasury stock | -689 | -665 | -430 | -901 | -1,954 | S100RATY, S100TYD4, S100W9LZ, S100YE21 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YE21 |
| Property, plant and equipment | 55% | S100YE21 |
| Intangibles and goodwill | 1% | S100YE21 |
| Other assets | 29% | S100YE21 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YE21 |
| Equity | 53% | S100YE21 |
| Other liabilities | 0% | S100YE21 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,941 | 30,381 | 30,435 | 29,684 | 28,399 |
| Equity | 14,190 | 14,031 | 14,959 | 15,136 | 15,173 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,482 | 6,633 | 6,981 | 6,279 | 4,388 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 25.2% | S100YE21 |
| Fixed assets ÷ total assets | 55.1% | S100YE21 |
| Goodwill ÷ parent equity | — | —, S100YE21 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.5% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.4% |
| Cash vs. profit gap | 1,673 JPY mn (of net income 98.5%) |
| Shareholder returns / net income | 113.3% |
| Shareholder returns / FCF | 122.4% |
| Shareholder payments — dividends / net income | 20.0% |
| Shareholder payments — dividends / FCF | 21.6% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 53.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.2% | 1.57× | 3.5% | 2.20× | 7.7% | S100RATY |
| 2023 | 0.2% | 1.66× | 0.3% | 2.19× | 0.7% | S100TYD4 |
| 2024 | 2.1% | 1.80× | 3.8% | 2.12× | 8.1% | S100W9LZ |
| 2025 | 1.7% | 1.92× | 3.3% | 2.02× | 6.7% | S100YE21 |
| 2026 | 2.7% | 2.13× | 5.8% | 1.95× | 11.4% | S100YE21 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エム | Major shareholder | 9.1% | 2026-03-31 |
| 松 本 隆 次 | Major shareholder | 6.4% | 2026-03-31 |
| 佐々木 真 司 | Major shareholder | 6.3% | 2026-03-31 |
| 松 本 恵美子 | Major shareholder | 4.9% | 2026-03-31 |
| 松 本 龍 也 | Major shareholder | 4.2% | 2026-03-31 |
| シノブフーズ取引先持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 松 本 崇 志 | Major shareholder | 3.4% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| シノブフーズ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| シノブフーズ役員持株会 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YE21 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE21,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W9LZ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9LZ,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TYD4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYD4,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100RATY | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RATY,, |
| 訂正有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OOCO | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOCO,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LVQ7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVQ7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).